Scotiabank raised its price target for MongoDB (MDB) to $450 from $440. The bank maintained its Sector Outperform rating on the stock. The update followed two days of meetings in Toronto on October 8, 2026, with MongoDB's CFO, CPO, and SVP of Investor Relations.
The discussions covered CEO succession, the competitive landscape, and the role of enterprise agreements in growth. Scotiabank analysts said MongoDB is well positioned to capture new database workloads, particularly in enterprise and native AI applications.
The firm acknowledged increased near-term execution risk but cited management's confidence in future opportunities. Scotiabank also added MongoDB to its Top Pick list.